Home Buying in 98311>Question Details

first time h…, Home Buyer in Bremerton, WA

what are my options when my mortgage credit approval letter expires before the house is built?

Asked by first time home buyer, Bremerton, WA Fri May 11, 2012

My husband and I are purchasing a new construction home and signed a contract for us to close on July 30th. I received a mortgage credit approval letter from our LO and i noticed that the letter will expire July 14th. I mentioned it to to Realtor as well as the LO but they dont seem to be concerned. Well, Im not taking it as well as they are.. What can I do? Is it true I can request for an extension? what are my other options? Please... I need help...! thanks

Help the community by answering this question:


As Rich says, it should not be a concern at all unless someone from their side brings it up. What you should be concerned about is making sure you are actually going to get approved. At least 25-50% of deals do not close these days because of lending issues. I have never, in 15 years, lost a deal once we looked at someones credit & documentation. Call me if you need help with a loan. 206-841-9976.

Take care, Jirius Isaac
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Sat May 12, 2012
Thank you so much for your info... We have a meeting monday but i will keep you updated. Thanks.!
Flag Sun May 13, 2012
Dear 1st Time Home Buyer:

It shouldn't be a difficulty for your Loan Officer to generate another Approval Letter. I would also check with your Builder and see if it's a concern for them. My sense is that it shouldn't cause any issues with your process, as long as there haven't been any major changes to your credit situation. But check with your Loan Officer and have him extend or issue a new approval letter.

Hope that is helpful!....
0 votes Thank Flag Link Fri May 11, 2012
Thank you so much.. Every little information helps due to having no clue with this whole process. I will definitely talked to my LO and discuss this issue with him. We have a meeting with the contractor and will address this issue with him as well. Is it to much to ask the builder if we can move the closing date? Thank you again for your advise we really do appreciate it Rich. Thanks
Flag Fri May 11, 2012
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